Policymakers in Colombia hiked interest rates by another 25bp to 4.25% last night but we do not think that the current tightening cycle has much further to run. Inflation is unlikely to pose a problem for the authorities in the foreseeable future, while we expect the pace of economic growth to slow. Accordingly, we are forecasting rates to be raised by just another 50bp to 4.75% by year-end.
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